■ Organic sales growth of 15.7% in first-half 2020:
- €1,476 million in sales
- Up 15.8% as reported
■ As expected, a mixed sales performance, with faster
momentum in molecular biology solutions contrasting with a slowdown
in microbiology, immunoassays and industrial applications
■ Robust growth in contributive operating income before
non-recurring items, to €253 million, or 17.1% of sales
Alexandre Mérieux, Chairman and Chief Executive Officer, said:
“In today’s unprecedented health crisis, bioMérieux’s positioning
as a specialist in infectious disease diagnostics takes on all of
its meaning and allowed to rapidly provide high-performance
solutions for diagnosing COVID-19. Despite the pandemic’s negative
impact on certain product lines and taking into account health and
economic conditions, bioMérieux is expected to deliver a remarkable
performance this year. However, this performance is not projectable
beyond 2020.”
Regulatory News:
The Board of Directors of bioMérieux (Paris:BIM), a world leader
in the field of in vitro diagnostics, met on September 1st under
the chairmanship of Alexandre Mérieux and approved the consolidated
financial statements for the six months ended June 30, 2020. The
statements had been reviewed by the Statutory Auditors.
Consolidated data
In € millions
2020
2019
% change
as reported
Sales
1,476
1,275
+15.8%
Contributive operating income before
non‑recurring items(1)
% sales
253
17.1%
198
15.5%
+27.8%
Operating income(2)
232
189
+22.7%
Net attributable income
173
141
+23.0%
Earnings per share (in €)
€1.46
€1.19
(1) Contributive operating income before non-recurring items
corresponds to operating income before non-recurring items relating
to the BioFire acquisition and integration and before accounting
entries relating to the BioFire purchase price allocation.
(2) Operating income is the sum of contributive operating income
before non-recurring items, BioFire acquisition fees and purchase
price amortization expense and “material, extraordinary and
non-recurring items” recognized in “Other non-recurring income and
expenses from operations, net”.
SALES
NB: Unless otherwise stated, sales
growth is expressed at constant exchange rates and scope of
consolidation (like-for-like).
Consolidated sales amounted to €1,476 million in the first half
of 2020, up 15.7% like-for-like from €1,275 million in the
year-earlier period. Reported growth stood at 15.8% for the period.
There was little or no impact from exchange rate movements, as the
decline in emerging market currencies against the euro canceled out
the increase in the US dollar.
Analysis of sales
In € millions
SALES - SIX MONTHS ENDED JUNE 30,
2019
1,275
Currency effect
+2
+0.2%
Changes in scope of consolidation(1)
-1
-0.1%
Organic growth (at constant exchange rates
and scope of consolidation)
+200
+15.7%
SALES - SIX MONTHS ENDED JUNE 30,
2020
1,476
+15.8%
NB: A definition of the currency effect and of changes in the
scope of consolidation is provided at the end of this press
release. (1) Disposal of businesses in Australia and acquisition of
Invisible Sentinel on February 7, 2019.
ANALYSIS OF SALES BY APPLICATION
Sales by Application
In € millions
Q2 2020
Q2 2019(3)
% change as reported
% changeat constant
exchange rates
and scope
of consolidation
Six
months
ended
June 30, 2020
Six
months
ended
June 30,
2019(3)
% change as reported
% changeat constant
exchange rates
and scope
of consolidation
Clinical Applications
601.6
529.8
+13.5%
+14.1%
1,257.4
1,056.7
+19.0%
+18.7%
Molecular biology
264.1
154.1
+71.3%
+70.8%
557.3
326.3
+70.8%
+68.7%
Microbiology
208.7
247.1
-15.5%
-14.2%
460.4
484.5
-5.0%
-4.2%
Immunoassays
96.2
119.9
-19.8%
-18.2%
195.0
229.2
-14.9%
-14.2%
Other lines(1)
32.5
8.6
x 2.8
x 2.7
44.7
16.7
x 1.7
x 1.6
Industrial Applications(2)
105.8
113.7
-6.9%
-5.2%
218.8
218.3
+0.2%
+1.1%
TOTAL CONSOLIDATED SALES
707.4
643.5
+9.9%
+10.7%
1,476.2
1,275.1
+15.8%
+15.7%
(1) Including Applied Maths, BioFire Defense, and
R&D-related revenue arising on clinical applications. (2)
Including R&D-related revenue arising on industrial
applications. (3) Including the transfer of certain veterinary
operations from industrial to clinical applications.
■ Clinical application sales, which accounted for
approximately 85% of bioMérieux’s consolidated total, rose by 14%
year-on-year to €602 million in the second quarter of 2020, and by
nearly 19% to €1,257 million over the first half.
- In molecular biology, the BIOFIRE® FILMARRAY® product
line reported remarkable growth in the second quarter, led by sales
of the new version of the respiratory panel with SARS-CoV-2.
Including BioFire Defense sales recognized in “Other lines”,
molecular biology sales rose by around 80% over the period. The
BIOFIRE® installed base continued to expand, to more than 14,000
units at June 30, 2020, versus 10,400 at December 31, 2019. The
extraction and ARGENE® lines also made a significant contribution
to molecular biology sales growth, reflecting their complementarity
with the syndromic approach.
- The microbiology business was impacted by the slowdown
in reagent sales across all product lines due to the decline in
hospital visits, while equipment sales rose steeply during the
quarter.
- Sales of the immunoassay line also slowed in the wake of
lockdown measures and the decline in hospital use.
■ Industrial application sales, which represent around
15% of the consolidated total, decreased by 5% year-on-year to €106
million in the second quarter. While business with customers in the
pharmaceutical industry continued to trend upwards, the agri-foods
market contracted over the period, dragged down by the impact of
the health crisis.
ANALYSIS OF SALES BY REGION
Sales by Region
In € millions
Q2 2020
Q2 2019
% change as reported
% changeat constant
exchange rates
and scope
of consolidation
Six
months
ended
June 30, 2020
Six
months
ended
June 30, 2019
% change as reported
% changeat constant
exchange rates
and scope of
consolidation
Americas
364.7
285.7
+27.7%
+28.0%
762.4
581.8
+31.0%
+30.2%
North America
325.7
246.5
+32.2%
+29.8%
684.0
507.9
+34.7%
+31.4%
Latin America
38.9
39.2
-0.7%
+17.2%
78.4
73.9
+6.1%
+21.5%
Europe(1)
225.0
231.5
-2.8%
-1.7%
472.7
454.7
+4.0%
+4.4%
Asia Pacific
117.7
126.3
-6.8%
-5.6%
241.1
238.5
+1.1%
+2.0%
TOTAL SALES
707.4
643.5
+9.9%
+10.7%
1,476.2
1,275.1
+15.8%
+15.7%
(1) Including the Middle East and Africa.
■ Sales in the Americas (52% of the consolidated total)
rose by 28% year-on-year to €365 million in the second quarter and
by 30% to €762 million in the first half.
- In North America (46% of the consolidated total),
quarterly growth was primarily led by strong demand for the
BIOFIRE® FILMARRAY® molecular biology product line.
- In Latin America, every country except Brazil and
Colombia reported robust growth in second-quarter sales, supported
by the deployment of molecular biology solutions.
■ Sales in the Europe – Middle East – Africa region (32%
of the consolidated total) came to €225 million for the second
quarter, down 1.7% year-on-year. Sales for the first six months
were up 4% from the previous year, at €473 million.
- In Europe (27% of the consolidated total), solid growth
in the United Kingdom and Scandinavia failed to offset the slowdown
in the Benelux countries, Poland and Switzerland.
- The situation remained contrasted in the Russia – Middle
East – Africa region, where vibrant growth in Russia, Egypt and
the Middle East in the second quarter was somewhat offset by a
transient decline of sales in Africa.
■ In the Asia-Pacific region (16% of the consolidated
total), sales came to €118 million in the second quarter,
representing a year-on-year decline of around 6%. The robust sales
performance in Japan and Australia was more than offset by the
slowdown in China, where lower exposure to the molecular biology
lines meant that they were unable to make up for the slowdown in
sales of the other lines.
CONSOLIDATED INCOME STATEMENT
■ Gross profit
Gross profit for the first six months of the year came to €816
million or 55.3% of sales, down slightly from 55.7% in the
prior-year period. The erosion in gross margin primarily reflected
the adverse currency effect and the impact of phantom stock option
plans (PSOPs) in the United States. Excluding these two factors,
gross margin was unchanged for the period, despite the higher
proportion of instruments sales in the first-half mix.
■ Contributive operating income before non-recurring
items
Contributive operating income before non-recurring items came to
€253 million for first-half 2020, a year‑on‑year gain of 28%.
Contributive operating income before non-recurring items as a
percentage of sales was 17.1% as reported. An expense of €42
million was booked in the first half in respect of the PSOP bonus
plans in the United States that are indexed to the bioMérieux share
price, compared to an expense of €26 million in first-half 2019.
bioMérieux also recognized a €4 million expense on the settlement
of its obligations under a defined benefit pension plan for
bioMérieux Inc. employees in the United States. The currency
effects reduced reported contributive operating income before
non-recurring items by €7 million.
- Selling, general and administrative expenses amounted to
€382 million, or 25.9% of sales, compared with 27.8% in first‑half
2019. The improvement was primarily attributable to the decline in
selling expenses (conventions and business travels) as a result of
lockdown measures.
- R&D expenses came to €203 million, or 13.8% of
sales, compared with €179 million and 14% in first‑half 2019. The
increase in outlays reflected both the programs undertaken to
develop new SARS‑CoV‑2 diagnostics and the ongoing commitment to
driving innovation across every product line.
- Other operating income stood at around €22 million for
the period, unchanged year-on-year.
■ Operating income
Depreciation and amortization charged against assets revalued at
BioFire’s date of acquisition amounted to €9 million in first-half
2020, unchanged from first-half 2019. In June 2020, the Board of
Directors also decided exceptionally to reduce the dividend by €22
million and to allocate these funds to supporting initiatives in
the public interest. Of these funds, €12 million has already been
recognized in other non‑recurring expenses from operations in
first-half 2020.
As a result, consolidated operating income came to €232
million in the first half, representing a 23% increase on the €189
million reported for the first two quarters of 2019.
■ Net income of consolidated companies
Net financial expense amounted to €12 million over the
period, down slightly from €14 million in first-half 2019.
The Group's effective tax rate for the first half of 2020
stood at 21.7%, versus 20.8% in first-half 2019, which benefited
from the preferential tax rate applied to intellectual property
under the new Foreign‑Derived Intangible Income (FDII) deduction in
the United States.
Net attributable income amounted to €173 million for the
first half of 2020, up 23% from €141 million one year earlier.
CASH MANAGEMENT AND FINANCE
■ Free cash flow
EBITDA1 came to €345 million in first-half 2020, or 23.4%
of sales, up 22% from the €283 million reported for the same period
one year earlier. The increase reflects growth in contributive
operating income before non-recurring items and net additions to
depreciation and amortization of operating items and operating
provisions.
Income tax paid represented €60 million, an increase from
the €51 million paid in first-half 2019, in line with activity.
Working capital requirement rose by €22 million in the
first six months of 2020, primarily as a result of the following
factors:
- inventories rose by €55 million during the period, mainly due
to slower sales of the microbiology and immunoassay lines;
- trade receivables decreased slightly, thanks to the growth in
business in the United States;
- trade payables declined by €10 million, in line with the
reduction in average days sales outstanding;
- other working capital requirement items improved by €37
million, led by the increase in accrued taxes and payroll
liabilities (particularly the provision on the PSOP bonus plans
indexed to the bioMérieux share price).
Capital expenditure outlays represented around 8.6% of
sales or €127 million in first-half 2020, versus €123 million in
first-half 2019.
In light of the above, free cash flow came in at €144
million in first-half 2020, compared to €55 million one year
earlier.
■ Change in net debt
Purchases of non-current financial assets, net of
disposals, amounted to €9 million, versus €72 million in first-half
2019. bioMérieux also bought back its own shares in an amount of
around €2 million.
A dividend of €22 million will be paid in the second half
of the year instead of in the first half as was the case in
2019.
As a result, consolidated net debt came to €192 million
at June 30, 2020, versus €317 million at December 31, 2019.
FULL-YEAR OUTLOOK
In light of the uncertainties linked to the current health
crisis, bioMérieux has deemed it preferable not to issue any new
annual guidance as of the date of release of its interim results.
Nevertheless, based on the robust first-half performance and the
nature of bioMérieux’s business, the favorable impact on financial
results is expected to continue in the second half.
GOVERNANCE
The Board of Directors has decided to rename its Human
Resources, Appointments and Remuneration Committee to Human
Resources and CSR Committee. Thus, the Committee, in addition
to its historical missions, will be in charge of ensuring that the
Company takes CSR topics into account, and their integration into
its strategy.
___________________________
1 EBITDA corresponds to the aggregate of contributive operating
income before non-recurring items, and operating depreciation and
amortization.
SIGNIFICANT EVENTS OF THE FIRST HALF
■ Launch of COVID-19 diagnostic tests
During the first half, bioMérieux received:
- an Emergency Use Authorization (EUA) from the US Food and Drug
Administration for the BIOFIRE® COVID-19 test;
- an Emergency Use Authorization (EUA) from the US Food and Drug
Administration for the ARGENE® SARS-COV-2 R-GENE® test;
- an Emergency Use Authorization (EUA) from the US Food and Drug
Administration for the BIOFIRE® Respiratory 2.1 Panel (RP2.1);
- CE marking for the VIDAS® anti-SARS-CoV-2 IgG and VIDAS®
anti-SARS-CoV-2 IgM serology tests
■ bioMérieux issued a €200 million Euro PP bond
On June 29, 2020, bioMérieux announced that it had issued a €200
million Euro PP new debt with a top‑tier European institutional
investor. The private placement comprised two tranches: one 7-year
€145 million tranche and one 10-year €55 million tranche, bearing
an aggregated annual coupon of 1.61%.
SUBSEQUENT EVENTS
■ CE marking for the BIOFIRE® Respiratory 2.1 plus Panel with
SARS-CoV-2 On July 15, 2020, bioMérieux announced that the
BIOFIRE® Respiratory 2.1 plus Panel (RP2.1plus) had obtained CE
marking. RP2.1plus simultaneously tests for 23 pathogens (19
viruses, including SARS‑CoV‑2, and 4 bacteria) responsible for the
most frequent respiratory tract infections.
■ Launch of BIOFIRE® MYCOPLASMA test for mycoplasma detection
in biopharmaceutical products On July 16, 2020, bioMérieux
announced the launch of BIOFIRE® MYCOPLASMA, an innovative test for
mycoplasma detection in pharmaceutical products used for
biotherapeutics (antibodies, hormones, cell and gene therapies,
etc.). Based on the BIOFIRE® technology used for several years in
the field of clinical diagnostics, BIOFIRE® MYCOPLASMA allows
pharmaceutical industry customers to carefully monitor the risk of
contamination at each step in their manufacturing processes.
■ FDA issues Emergency Use Authorization for VIDAS®
anti‑SARS-CoV-2 IgG and VIDAS® anti‑SARS-CoV-2 IgM serology
tests On August 7, 2020, bioMérieux announced that it had
received an Emergency Use Authorization (EUA) from the US Food and
Drug Administration for the VIDAS® anti-SARS-CoV-2 IgG and VIDAS®
anti‑SARS‑CoV-2 IgM serology tests. These tests detect antibodies
in people exposed to the SARS‑CoV‑2 virus that causes COVID-19.
INVESTOR PRESENTATION
bioMérieux will hold an investor presentation on Wednesday,
September 2, 2020 at 2:30 pm CEST (GMT+1). The presentation will be
given in English and will be accessible via conference call or
webcast.
Conference call:
France
Europe
United States
+33 (0)1 76 77 22 57
+44 (0)330 336 9411
+1 (323) 794-2423
Access code: 5153696
Webcast:
https://globalmeet.webcasts.com/starthere.jsp?ei=1359165&tp_key=6c99c81d9f
INVESTOR CALENDAR
Third-quarter 2020 sales
October 22, 2020
Notes and definitions
The above forward-looking statements are based, entirely or
partially, on assessments or judgments that may change or be
modified, due to uncertainties and risks related to the Company’s
economic, financial, regulatory and competitive environment,
notably those described in the 2019 Universal Registration
Document. Accordingly, the Company cannot give any assurance nor
make any representation as to whether the objectives will be met.
The Company does not undertake to update or otherwise revise any
forecasts or objectives presented herein, except in compliance with
the disclosure obligations applicable to companies whose shares are
listed on a stock exchange.
Currency effect: this is
established by converting actual numbers at the average rates of
year y-1. In practice, those rates are either average rates
communicated by the ECB, or hedged rates if hedging instruments
have been set up.
Changes in scope of consolidation:
these are determined:
- for acquisitions in the period, by
deducting from sales for the period the amount of sales generated
during the period by acquired entities as from the date they
entered the consolidated reporting scope; - for acquisitions in the
previous period, by deducting from sales for the period the amount
of sales generated in the months in the previous period during
which the acquired entities were not consolidated; - for disposals
in the period, by adding to sales for the period the amount of
sales generated by entities sold during the previous period in the
months of the current period during which these entities were no
longer consolidated; - for disposals in the previous period, by
adding to sales for the period the amount of sales generated during
the previous period by the entities sold.
ABOUT BIOMÉRIEUX
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for over 55
years, bioMérieux is present in 44 countries and serves more than
160 countries with the support of a large network of distributors.
In 2019, revenues reached €2.7 billion, with over 90% of sales
outside of France.
bioMérieux provides diagnostic solutions (systems, reagents,
software and services) which determine the source of disease and
contamination to improve patient health and ensure consumer safety.
Its products are mainly used for diagnosing infectious diseases.
They are also used for detecting microorganisms in agri-food,
pharmaceutical and cosmetic products.
bioMérieux is listed on the Euronext Paris
stock market.
Symbol: BIM – ISIN Code: FR0013280286
Reuters: BIOX.PA/Bloomberg: BIM.FP
www.biomerieux.com
APPENDIX 1: QUARTERLY SALES BY
REGION AND APPLICATION
Sales by Application in € millions and %
Change in Sales by Application
First quarter
Second quarter
First half
2020
2019
2020
2019
2020
2019
Clinical Applications
655.8
526.9
601.6
529.8
1257.4
1056.7
Microbiology
251.6
237.4
208.7
247.1
460.4
484.5
Immunoassays
98.8
109.3
96.2
119.9
195.0
229.2
Molecular biology
293.2
172.1
264.1
154.1
557.3
326.3
Other lines(1)
12.2
8.1
32.5
8.6
44.7
16.7
Industrial Applications(2)
113.0
104.6
105.8
113.7
218.8
218.3
TOTAL SALES
768.8
631.6
707.4
643.5
1,476.2
1,275.1
(1) Including Applied Maths, BioFire Defense,
and R&D-related revenue arising on clinical applications. (2)
Including R&D-related revenue arising on industrial
applications.
First quarter
Second quarter
First half
As reported
Like-for-like(3)
As reported
Like-for-like
As reported
Like-for-like
Clinical Applications
+24.7%
+23.3%
+13.5%
+14.1%
+19.0%
+18.7%
Microbiology
+6.7%
+6.3%
-15.5%
-14.2%
-5.0%
-4.2%
Immunoassays
-9.4%
-9.9%
-19.8%
-18.2%
-14.9%
-14.2%
Molecular biology
+69.7%
+66.9%
+71.3%
+70.8%
+70.8%
+68.7%
Other lines(1)
+50.6%
+43.8%
x 2.8
x 2.7
x 1.7
x 1.6
Industrial Applications(2)
+6.0%
+7.9%
-6.9%
-5.2%
+0.2%
+1.1%
TOTAL SALES
+21.5%
+20.8%
+9.9%
+10%
+15.8%
+15.7%
(1) Including Applied Maths, BioFire Defense,
and R&D-related revenue arising on clinical applications. (2)
Including R&D-related revenue arising on industrial
applications. (3) At constant exchange rates and scope of
consolidation.
Sales by Region in € millions and % Change
in Sales by Region
First quarter
Second quarter
First half
2020
2019
2020
2019
2020
2019
Americas
397.7
296.1
364.7
285.7
762.4
581.8
North America
358.2
261.4
325.7
246.5
684.0
507.9
Latin America
39.5
34.7
38.9
39.2
78.4
73.9
Europe(1)
247.7
223.3
225.0
231.5
472.7
454.7
Asia Pacific
123.4
112.2
117.7
126.3
241.1
238.5
TOTAL CONSOLIDATED SALES
768.8
631.6
707.4
643.5
1,476.2
1,275.1
(1) Including the Middle East and Africa.
First quarter
Second quarter
First half
As reported
Like-for-like(2)
As reported
Like-for-like
As reported
Like-for-like
Americas
+34.0%
+32.2%
+27.7%
+28.0%
+31.0%
+30.2%
North America
+36.7%
+33.0%
+32.2%
+29.8%
+34.7%
+31.4%
Latin America
+13.7%
+26.7%
-0.7%
+17.2%
+6.1%
+21.5%
Europe(1)
+10.8%
+10.7%
-2.8%
-1.7%
+4.0%
+4.4%
Asia Pacific
+10.0%
+10.5%
-6.8%
-5.6%
+1.1%
+2.0%
TOTAL SALES
+21.5%
+20.8%
+9.9%
+10.7%
+15.8%
+15.7%
(1) Including the Middle East and Africa. (2)
At constant exchange rates and scope of consolidation.
APPENDIX 2: SUMMARY CONSOLIDATED
FINANCIAL STATEMENTS AT JUNE 30, 2020
CONSOLIDATED INCOME STATEMENT
In millions of euros
30/06/2020
30/06/2019
NET SALES
1,476.2
1,275.1
Cost of sales
-659.8
-565.1
GROSS PROFIT
816.4
709.9
OTHER OPERATING INCOME
21.9
21.2
Selling and marketing expenses
-282.3
-271.7
General and administrative expenses
-99.9
-82.5
Research and development expenses
-203.0
-178.9
TOTAL OPERATING EXPENSES
-585.2
-533.0
CONTRIBUTIVE OPERATING INCOME
253.1
198.1
BioFire acquisition's fees and depreciation costs (1)
-9.0
-8.9
OPERATING INCOME BEFORE NON-RECURRING ITEMS
244.1
189.3
Other non-recurring income (expenses)
-12.0
0.0
OPERATING INCOME
232.1
189.2
Cost of net financial debt
-8.5
-10.7
Other financial items
-3.9
-3.5
Income tax
-47.7
-36.4
Investments in associates
-0.3
0.0
NET INCOME OF CONSOLIDATED COMPANIES
171.7
138.7
Attributable to the minority interests
-1.2
-1.8
ATTRIBUTABLE TO THE PARENT COMPANY
172.9
140.6
Basic net income per share
1.46
€
1.19
€ Diluted net income per share
1.46
€
1.18
€
(1) Non-recurring items relating to the acquisition and
integration of BioFire, and accounting entries relating to its
purchase price allocation.
CONSOLIDATED BALANCE SHEET
ASSETS (in millions of euros)
30/06/2020
31/12/2019
30/06/2019
restated(1)
Intangible assets
491.0
508.4
530.2
Goodwill
651.0
652.5
649.7
Property, plant and equipment
916.7
894.7
807.4
Right of use
124.3
130.5
134.3
Financial assets
51.1
41.9
71.8
Investments in associates
0.0
0.2
0.2
Other non-current assets
14.8
16.1
15.3
Deferred tax assets
98.8
99.0
89.2
NON-CURRENT ASSETS
2,347.8
2,343.5
2,298.3
Inventories and work in progress
541.9
494.7
481.1
Accounts receivable
535.3
552.1
494.8
Other operating receivables
76.7
61.1
89.0
Tax receivable
25.4
42.3
27.2
Non-operating receivables
12.4
13.3
12.1
Cash and cash equivalents
589.5
275.0
247.7
CURRENT ASSETS
1,781.1
1,438.5
1,351.9
ASSETS HELD FOR SALE
0.0
0.0
0.0
TOTAL ASSETS
4,128.9
3,781.9
3,650.2
LIABILITIES AND SHAREHOLDERS' EQUITY
(in millions of euros)
30/06/2020
31/12/2019
30/06/2019
restated(1)
Share capital
12.0
12.0
12.0
Additional paid-in capital & Reserves
2,178.3
1,919.1
1,912.1
Net income for the year
172.9
272.8
140.6
SHAREHOLERS' EQUITY
2,363.2
2,203.9
2,064.7
MINORITY INTERESTS
44.5
50.7
51.9
TOTAL EQUITY
2,407.7
2,254.6
2,116.5
Net financial debt - long-term
338.1
153.7
520.2
Deferred tax liabilities
137.5
141.2
141.1
Provisions
49.1
62.3
48.9
NON-CURRENT LIABILITIES
524.8
357.2
710.2
Net financial debt - short-term
443.2
438.6
149.3
Provisions
45.6
47.0
42.3
Accounts payable
201.2
211.9
189.5
Other operating liabilities
412.2
381.1
376.7
Tax liabilities
25.6
32.3
22.4
Non-operating liabilities
68.7
59.3
43.1
CURRENT LIABILITIES
1,196.5
1,170.1
823.4
LIABILITIES RELATED TO ASSETS HELD FOR SALE
0.0
0.0
0.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
4,128.9
3,781.9
3,650.2
(1) Comparative data at June 30, 2019 have been restated to
reflect the impact at that date of the changes in the value of the
Hybiome assets and liabilities recognized at December 31, 2018.
CONSOLIDATED CASH FLOW STATEMENT
In millions euros
30/06/2020
31/12/2019
30/06/2019
Net income of consolidated companies
171.7
269.7
138.7
- Investments in associates
0.3
0.0
0.0
- Cost of net financial debt
8.5
20.6
10.6
- Other financial items
3.9
2.5
3.5
- Current income tax expense
47.7
77.8
36.3
- Operating depreciation and provisions on assets
91.6
189.5
85.0
- Non-recurring items and BioFire acquisition's fees and
depreciation costs
21.0
17.8
8.9
EBITDA (before non-recurring items)
344.7
577.9
283.0
Other non current operating gains/losses(w/o exceptionnal
depreciations, assets losses and capital gains/losses)
-11.7
-0.1
0.1
Other financial items(w/o accruals & disposal of financial
assets)
-3.9
-2.0
-3.5
Operating provisions for risks and contingencies
0.8
-6.8
-11.9
Change in fair value of financial instruments
0.2
-1.4
-0.9
Share-based payments
4.4
9.4
5.0
Elimination of other gains and losses without any impact on cash
or operations
-10.2
-0.9
-11.2
Change in inventories
-55.5
-71.0
-59.3
Change in accounts receivable
6.1
-57.3
1.4
Change in accounts payable
-10.1
32.9
8.5
Change in other operating working capital
37.2
26.0
12.2
Change in operating working capital (1)
-22.3
-69.4
-37.2
Other non operating working capital
15.6
2.1
1.7
Change in non-current assets
1.3
0.4
1.0
Other cashflows from operation
-5.4
-66.9
-34.5
Income tax paid
-59.9
-81.6
-51.4
Cost of net financial debt
-8.5
-20.6
-10.6
Net cash flow from operations
260.7
407.9
175.3
Purchase of property, plant and equipment
-127.4
-272.5
-123.3
Proceeds on fixed asset disposals
11.8
17.1
5.4
Purchase of financial assets / Disposals of financial assets
-0.6
-2.4
-2.3
FREE CASH FLOW (2)
144.5
150.1
55.1
Purchase / Disposals related to minority
interests
-4.7
48.5
20.0
Impact of changes in the scope of consolidation
-4.0
-72.8
-68.4
Net cash flow from (used in) investment activities
-124.9
-282.1
-168.6
Increase in capital
0.0
0.1
0.0
Purchases and proceeds of treasury stocks
-1.9
0.0
0.5
Dividends to shareholders
0.0
-41.3
-41.3
Flow from new loans #REF!
0.0
0.0
Flow from loans reimbursment #REF!
-69.2
-10.7
Variation of interests without taking or loss of control
0.0
-23.5
-23.7
Net cash flow from (used in) financing activities
174.6
-133.9
-75.2
Net change in cash and cash equivalents
310.4
-8.1
-68.4
Net cash and cash
equivalents at the beginning of the year
264.0
278.2
278.2
Impact of currency changes on net cash and cash
equivalents
-7.7
-6.1
-3.0
Net cash and cash equivalents at the end of the year
566.7
264.0
206.9
(1) Including additions to and reversals of current provisions.
(2) Available cash flow is defined as cash flow from operating
activities plus cash flow from investing activities, excluding net
cash and cash equivalents from acquisitions and disposals of
subsidiaries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200901006113/en/
Investor Relations bioMérieux Sylvain
Morgeau/Franck Admant Tel.: +33 (0)4 78 87 20 00
investor.relations@biomerieux.com
Media Relations bioMérieux Aurore Sergeant Tel.:
+33 (0)4 78 87 20 53 media@biomerieux.com
Image Sept Laurence Heilbronn Tel.: +33 (0)1 53 70 74 64
lheilbronn@image7.fr
Claire Doligez Tel.: +33 (0)1 53 70 74 48 cdoligez@image7.fr
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